Bitcoin Is Now 5th Largest Base Money in the World
It seems highly likely that Bitcoin will close February higher than sterling GBP, the oldest fiat currency in the world.
- "Monetary base UPDATE. The pound sterling balance at the Bank of England was £889 billion on 31-Jan-2023 (~$1.12 trillion). Right now Bitcoin’s cap is $1.16 trillion," said Matthew Mezinskis of Porkopolis Economics on X.
- "Let’s wait for the monthly close, but we are about to surpass the oldest fiat currency in the world. Remarkable," he added.
- Bitcoin is the 6th largest base money in the world if counting gold.
- "Regarding the basic money supply definition itself, this typically means a central bank’s cash banknotes and coin that are minted and outstanding, plus the commercial bank reserves at the central bank," explains Porkopolis Economics on its site.
- More on methodology and definitions used for calculating base money can be found here.
